State officials creating retirement accounts for Oregonians – GOP lawmakers in Congress trying to stop it.
With millions of baby boomers in, at, or near retirement, who have little or nothing in the bank for their “golden years,” Oregon state officials are jumping in to try to save them by setting up individual retirement accounts for just about every worker in the state by providing 401K’s for them. Five percent of a worker’s pay will go into his or her own retirement account, deducted out of their paycheck, either every two weeks or every month. Even those who are in their 50s and even 60s would benefit tremendously because their average Social Security check is around $1,200 a month which is nowhere near adequate.
But republican congressmen, who are beholding to Wall Street bankers, are writing federal legislation that would halt Oregon’s newly emerging plans. Those congressmen claim that retirement funds should be handled by experts, not by government employed retirement fund managers.
State officials retort, “Oregon’s investment experts are quite good at what they do.”
This story is going to get noisier the closer Oregon gets to a day of reckoning on their new plan.
Here’s the skinny in The Oregonian. Click here.